https://www.taxtmi.com/caselaws?id=84406 Modvat credit already taken and utilised on inputs could not be reversed later to satisfy Notification No. 69/86-C.E. and claim nil or concessional duty on the final product. The Tribunal held that the exemption required no Modvat credit to have been taken for the relevant inputs, and the scheme did not permit a post facto reversal after utilisation merely to bring the goods within the notification. As exemption notifications must be strictly construed, the credit mechanism could not be neutralised retrospectively to secure exemption. The denial of exemption was therefore upheld. en-us Wed, 17 May 1995 00:00:00 +0530 Thu, 21 Jul 2011 17:38:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84406 Modvat credit already taken and utilised on inputs could not be reversed later to satisfy Notification No. 69/86-C.E. and claim nil or concessional duty on the final product. The Tribunal held that the exemption required no Modvat credit to have been taken for the relevant inputs, and the scheme did not permit a post facto reversal after utilisation merely to bring the goods within the notification. As exemption notifications must be strictly construed, the credit mechanism could not be neutralised retrospectively to secure exemption. The denial of exemption was therefore upheld. Case-Laws Central Excise Wed, 17 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84406